MADISON, Wis. (AP) — Gov. Tony Evers has signed into law a bill eliminating a tax benefit for companies that move out of Wisconsin.
The law he signed Monday targets tax deductions that businesses claim when they move. Under current law, a business may deduct from its income or tax liability all expenses paid to move from one location to another.
The new law, which passed the Legislature with bipartisan support, prohibits businesses from deducting expenses if they move out of state. The state Department of Revenue does not foresee the change resulting in a significant change in taxes paid, likely less than $1 million a year.